Sigh

But let me also be clear: Boots has been an industrial scale tax avoider, using interest charges that were incurred to buy the company and not to promote its business to massively reduce its UK corporation tax bills for the benefit of foreign owners.

Might I make the suggestion that if Boots had not done that and been part of a whole cultural movement that sought to undermine UK government revenues then we might not need food banks at all?

I think Boots might like to reflect a little harder on what corporate social responsibility really means. I can say for certain it is not asking customers to donate products bought at full price back to the company for it to benefit from a second time round.

But tax avoidance is only what a reasonable legislator could not forsee. And we have thin capitalisation rules, meaning that they have forseen this tactic. And Boots was within the limits of what the rules allow. Thus it was not a tax avoider.

Note that I am only using Spudmonster’s own definition to show that Spudmonster is wrong.

6 comments on “Sigh

  1. So Boots bought a company that has nothing to do with the furtherance of its business? Is he really saying that? Do the shareholders know? A more pertinent question might be why the Guardian found it necessary to invest in Auto Trader.

  2. Not quite, Diogenes. Boots was owned by Alliance Healthcare. The CEO got thoroughly pissed off with Brown’s quarterly reporting regime that he bought the company and headquartered it in Switzerland.

  3. The problem is of your own creating. You have accepted the term “tax avoider” as derogatory. Clearly you are aware that, from the viewpoint of a taxpayer, tax avoiders are the good guys!
    Need to formalize a National Association of Tax Avoiders and promote their good works!

  4. Btw I love his style of writing. ‘But let me also be clear’ – yes, please, you dozy fat twat.

    When he wrote that he imagined himself saying it while gripping a lectern, in a spotlight, looking out over massed ranks of stormtroopers, er party faithful.
    Pause for effect as faithful wonder what he’s about to be clear about.
    Full of gravitas and portent – Adolf Churchill.

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